Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.
Capital Gains Tax (CGT) is payable by individuals, trustees and
'personal representatives' (PRs). Companies pay corporation tax on their capital gains.
There are annual tax free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.
For individuals net gains are added to
'total taxable income' to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income do not exceed the
'basic rate band'.
Gains which qualify for
'Entrepreneurs' Relief' or
'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
08 May 2018
HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed.
The Federation of Small Businesses (FSB) is warning small and medium-sized enterprises that time is running out for them to prepare.
The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced.